Proactiveinvestors Australia MGC Pharmaceuticals Ltdhttps://www.proactiveinvestors.com.au
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enSat, 23 Feb 2019 03:51:56 +1100http://blogs.law.harvard.edu/tech/rssGenera CMSaction@proactiveinvestors.com (Proactiveinvestors)action@proactiveinvestors.com (Proactiveinvestors)https://www.proactiveinvestors.com.au/companies/news/209426/mgc-pharmaceuticals-signs-partnership-to-launch-international-medicinal-cannabis-research-hub-209426.html
MGC Pharmaceuticals Ltd (ASX:MXC) has signed a binding partnership agreement with the Royal Melbourne Institute of Technology (RMIT) and The Hebrew University of Jerusalem (HUJ) to form a joint international medical research hub for medicinal cannabis innovation and technologies.

As an extension to MGC’s existing collaboration with RMIT, the new research hub, to be known as CannaHub, is a collaborative centre between MGC, RMIT and HUJ and will be an international shared library of research, data and analytics on medicinal cannabis and its uses including future medical applications and treatments.

The agreement represents a landmark achievement for MGC. The formation of CannaHub is the first time RMIT or HUJ has partnered with a private company to form a research institute in this sector.

CannaHub’s research projects will initially focus on three key areas in the use of medicinal cannabis, being the treatment of cancer, the effectiveness of traditional and medicinal cannabis combination treatments and drug delivery systems with technological elements.

Importantly, the results from the research project is expected to strategically position MGC as a leader in the cancer research and technology-based drug delivery space, enabling the company to develop and leverage its commercial interllectual property (IP) for the production of new medicinal cannabis products, applications and technologies.

“Collaboration is going to be crucial for this industry to grow the correct way”

Listen to this session led by Dr Nitin Mantri of RMIT and Ron Lipsky of MGC Pharma on ‘Cannabusiness and Academia: Building For The Next Generation’.https://t.co/8A0GW4Lgli

— MGC Pharmaceuticals (@MGC_Pharma) November 8, 2018

MGC co-founder and managing director Roby Zomer said: “We are very pleased to announce the completion of our formal collaboration and partnership agreement with RMIT and HUJ to launch CannaHub.

“CannaHub is designed to advance world leading research and push forward innovation within the medicinal cannabis pharmaceutical market.

“We look forward to working with the teams at RMIT and HUJ and delivering ground breaking results in the future.”

The ASX has granted the trading halt until the earlier of the start of normal trading on Monday, November 5 or when the announcement is released to the market, whichever occurs earliest.

MGC Pharmaceuticals shares last traded at 5.1 cents on Wednesday.

Transaction agreement with CannaGlobal

In September 2018, the two parties entered an agreement regarding the sale of MGC Derma.

Last month the parties mutually agreed to extend the completion date until October 31 to allow for completion and execution of the definitive agreements and all related contracts.

At the time CannaGlobal co-founder Lorne Gertner said, “We are firmly committed to the deal with MGC and extremely excited for the opportunity ahead of us to enter the cannabis skincare market with our acquisition of MGC Derma.

“CannaGlobal is committed to closing our deal with MGC quickly, including our advance C$1 million order under the supply agreement and the previously agreed acquisition terms of the MGC Derma business.”

In October, MGC received an Australian Therapeutic Goods Administration approval for its CannEpil medical cannabis product to be prescribed for reimbursement to people with drug-resistant epilepsy.

As a result, the company expects to make the reimbursable cannabis product available to the Australian market in December 2018 through pharmaceutical distributor HL Pharma.

Co-founder and managing director Roby Zomer said, “This is a significant achievement for us and we are excited at the prospect of ramping up production to a commercial scale and bringing CannEpil to Australia.

“This important step validates MGC’s seed-to-pharma strategy with the start of commercial revenues from our first investigational medicinal product offering.”

The company’s core business strategy is to develop and supply high-quality cannabinoid-based pharmaceutical products to medical markets in Europe, North America and Australasia.

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MGC Pharmaceuticals Ltd (ASX:MXC) added 31.37% to its share price after its CannEpil medical cannabis product received an Australian Therapeutic Goods Administration approval to be prescribed for reimbursement to people with drug-resistant epilepsy.

The European company expects to make its reimbursable cannabis product available to the Australian market in December 2018 through pharmaceutical distributor HL Pharma.

A ‘validation’ of strategy

MGC Pharmaceuticals co-founder and managing director Roby Zomer said: “We are delighted to announce the availability of our first product CannEpil for supply under the Authorised Prescriber Scheme.

“This is a significant achievement for us and we are very excited at the prospect of ramping up production to a commercial scale and bringing CannEpil to Australia.

“This important step validates MXC’s seed-to-pharma strategy with the start of commercial revenues from our first investigational medicinal product offering.”

The company’s core business strategy is to develop and supply high-quality cannabinoid-based pharmaceutical products to medical markets in Europe, North America and Australasia.

MGC Pharmaceuticals tipped today it expects $1 million of annualised revenue from an initial base of 100 patients.

Earlier this year the company raised $5 million to build a fully-licensed medical cannabis facility in Malta to manufacture the clinically-tested therapeutic.

The company is one of a handful of companies to be awarded a full medical cannabis production and cultivation contract by the small European Union member.

Ireland said: “This is a significant milestone for epilepsy patients and other patient communities.

“It is another important step in improving access to potentially life-changing medications, and part of a global trend to recognise the valid medical benefits of cannabis.”

Ireland pointed to a global shift in focus towards patient rights and said today’s development was a “sign that patient needs and wants are (being) heard and respected.”

MGC Pharmaceuticals’ shares gained up to 1.6, or 31.37% today, to close at 6.7 cents. The company’s securities regularly changed hands for 7 cents during the trading day, frequently resting up 37.26%.

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MGC Pharmaceuticals Ltd (ASX:MXC) has successfully raised over $5 million via a share placement to sophisticated and professional investors at 7 cents per share.

The oversubscribed placement received strong support from new and existing shareholders and was cornerstoned by the Merchant Opportunities Fund.

New medical cannabis production facility in Malta

MGC will use the new funds to contribute to the construction of a fully-licensed medical cannabis facility in Malta.

The company has been awarded a contract by the government of Malta to construct a 4,000 square metre state-of-the-art medical cannabis production and cultivation facility.

MGC is one of only five companies, and the only company from Australia, to be awarded a full medical cannabis production and cultivation contract, following a competitive tender process.

Cannabis-based pharmaceutical products for global markets

Under the agreement, the company will be permitted to produce all THC (tetrahydrocannabinol) and CBD (cannabidiol) strains of medical cannabis.

This will expand the commercial opportunity for MGC to develop additional medical cannabis pharmaceutical products into key European and global markets.

Cannabis produced at the facility will be used by MGC in the production of its GMP-grade pharmaceutical products for global markets including Australia.

The facility is also expected to enable the supply of medical cannabis flowers directly into the emerging European markets, including Germany.

Changes to Malta’s medical cannabis laws

The Malta contract terms require MGC to spend a minimum of about US$6.5 million over the first three years on the construction and operations of the medical cannabis facility.

The contract terms will be governed under the final legislative changes to Malta’s medical cannabis laws which are currently in final stages of a parliamentary process.

READ: MGC Pharmaceuticals commencing production of CannEpil for epilepsy

MGC recently commenced production of its first batch of CannEpil at its European medicinal cannabis facility.

CannEpil is MGC’s first pharmaceutical-grade medical cannabis product targeting people with drug-resistant epilepsy.

Once the distribution of CannEpil commences, it is expected to generate more than $1 million in annual sales in the Australian market in its first year.

]]>Wed, 11 Apr 2018 15:06:00 +1000https://www.proactiveinvestors.com.au/companies/news/194697/mgc-pharmaceuticals-attracts-5-million-for-medical-cannabis-facility-in-malta-194697.htmlhttps://www.proactiveinvestors.com.au/companies/news/193983/mgc-pharmaceuticals-commencing-production-of-cannepil-for-epilepsy-193983.html
MGC Pharmaceuticals Ltd (ASX:MXC) is today commencing production of its first batch of CannEpil at its European medicinal cannabis facility.

CannEpil is MXC’s first pharmaceutical-grade medical cannabis product targeting people with drug-resistant epilepsy.

Good Manufacturing Practice certification

Production was able to start at the manufacturing facility thanks to the receipt of its interim Good Manufacturing Practice (GMP) certification.

Once the first batch is produced, it will be inspected by the GMP regulatory body.

This is the final regulatory process before full GMP certification can be granted to MGC’s European manufacturing facility.

Expected to generate over $1 million in annual sales in the Australian market

Once the distribution of CannEpil commences, it is expected to generate more than $1 million in annual sales in the Australian market in its first year.

This estimate is based on the near-100 patients already registered but the Australian market opportunity for MGC is much larger.

MGC estimates 72,000 people are diagnosed with drug-resistant epilepsy in Australia.

MGC’s co-founder and CEO Roby Zomer said: “The production of our first CannEpil batch is a milestone, and leaves us well positioned to achieve certification and commence full-scale commercial production in the next few months.”

The psoriasis symptoms successfully treated through the independent tests include effective reduction of skin irritation, treatment of skin itchiness, flaking and severe dryness.

Two additional Derma Plus products for relief from acne and dermatitis conditions, the Herbal Balm and Herbal Replenish Cream, are also planned for launch during Q1 2018.

Psoriasis treatment is a multi-billion dollar market

According to the International Federation of Psoriasis Association, circa 5% people suffer from one or more forms of psoriasis, globally.

In the U.S. alone, the condition affects nearly 7.5 million people, which is roughly 2% of the population.

The global market for psoriasis treatment, which was valued at US$7.8 billion in 2015, is projected to expand at a compound annual growth rate (CAGR) of 5.1% to reach US$12.1 billion by 2024.

Successful independent European clinical testing

MGC’s product has been successfully clinically tested to confirm its efficacy in persons with psoriasis by Dr Rok Devjak, at a leading dermatological clinic in Slovenia.

Results from the clinical test program showed that the Herbal Repair Cream helps to significantly reduce itching, flaking and dryness as well as reduce the symptoms of dry skin for people with psoriasis.

The Herbal Repair Cream is now available for sale through MGC Derma’s website and other eCommerce platforms.

The growth and yield from the plants have been better than expected (for a first time crop) in the new 1,100 square metre glass house facility.

Importantly, the harvesting of the plants will commence in the next 2 weeks.

Once harvested, biomass will be processed into CBD (cannabidiol) crystals for MGC’s products including the MGC Derma cosmetics and for the company’s clinical studies.

The remaining biomass will be sold as Aquiol, a rich >98% CBD purity raw material.

MGC’s botanic division’s collaboration with the University of Ljubljana is also progressing on schedule in Slovenia.

Following the planting of medicinal cannabis seeds for a genetic research program in June 2017, the plants have now progressed to the flowering phase.

The program aims to create genetic strains with high levels of CBD and new strains with high tetrahydrocannabinol (THC) levels for the treatment of specific disease symptoms.

The team will now commence a research project which will focus on the implementation and optimisation of molecular markers for sex determination and distinction between strains.

MGC’s raw material production at its open field farm in Slovenia has also delivered encouraging production volumes.

As planned, the company has completed harvesting of its cannabis crops, yielding 4,000 kilograms of biomass in early October 2017.

]]>Fri, 13 Oct 2017 13:51:00 +1100https://www.proactiveinvestors.com.au/companies/news/185545/mgc-pharmaceuticals-medicinal-cannabis-plants-enter-flowering-phase-185545.htmlhttps://www.proactiveinvestors.com.au/companies/news/178749/mgc-pharmaceuticals-aims-to-develop-new-medicinal-cannabis-strains-178749.html
MGC Pharmaceuticals (ASX:MXC) has signed an agreement with the University of Ljubljana in Slovenia to commence a 3-year comprehensive botanical research program.

The goal of the research program is to create medicinal cannabis strains tailored for specific medical indications, including epilepsy, chronic pain, as well as the side effects of cancer.

MGC’s shares were last trading 16% higher intra-day on Monday, at $0.05.

To facilitate the research program, the biotechnical faculty of the university has been granted a full medical cannabis license from the Ministry of Health of the Republic of Slovenia.

The license allows the faculty to grow and conduct botanical research with MGC Pharmaceuticals in Slovenia for all strains of CBD and THC medical cannabis.

The research program will focus on developing new, improved varieties from MGC’s proprietary strains and to develop efficient cannabis breeding methods based on modern scientific approaches.

The results of the research are expected to yield new genetic intellectual property relating to medicinal cannabis strains. The new varieties will be registered in the European Union.

It is likely that when medicinal cannabis is legalised in European countries for medical purposes, only registered varieties of medical cannabis will be allowed to be cultivated.

The new intellectual property is expected to give MGC a competitive advantage for future breeding programs and its ongoing growing operations in Europe.

The new research builds on the company’s existing medicinal cannabis research program being conducted in the Czech Republic.

MGC is targeting full commercialisation and first sales of its DermaPlus product range in Europe by Q3 2017, for the relief of irritated/inflamed skin conditions due to acne, seborrhea or psoriasis.

Roby Zomer is one of these founders, and he has now been promoted to chief executive officer.

Zomer has a proven track record of international success within the biotech and agritech sectors.

Key tasks for Zomer will include being responsible for global operations.

The company recently signed a binding Memorandum of Understanding with the Royal Melbourne Institute of Technology.

The agreement is to collaborate on a research initiative to determine and develop the ideal strains of medicinal cannabis in Australia for the treatment of many diseases and conditions.

]]>Thu, 11 May 2017 08:30:00 +1000https://www.proactiveinvestors.com.au/companies/news/177617/mgc-pharmaceuticals-appoints-roby-zomer-as-ceo-177617.htmlhttps://www.proactiveinvestors.com.au/companies/news/177093/mgc-pharmaceuticals-to-reveal-medical-cannabis-agreement-177093.html
MGC Pharmaceuticals (ASX:MXC) is some interesting news pending with the execution of a material strategic agreement with the Royal Melbourne Institute of Technology (RMIT).

The agreement relates to the company’s Australian based medical cannabis operations, licensing and strategy.

The ASX has granted a trading halt for MGC to prepare.

The halt will remain in place until the opening of trade on Wednesday 3rd May 2017, or earlier if an announcement is made to the market.

]]>Mon, 01 May 2017 15:30:00 +1000https://www.proactiveinvestors.com.au/companies/news/177093/mgc-pharmaceuticals-to-reveal-medical-cannabis-agreement-177093.htmlhttps://www.proactiveinvestors.com.au/companies/news/174955/mgc-pharmaceuticals-bags-10m-for-medical-cannabis-growth-174955.html
MGC Pharmaceuticals (ASX:MXC) has closed an oversubscribed share placement after receiving commitments to raise $10 million via the issue of shares at $0.065 each.

MGC will use the funds to fast-track its growth objectives, including the research and development of pharmaceutical-grade cannabis based products.

In addition, the funds will be used to expand sales of the company’s cosmetics and dermatological product ranges.

MGC is also aggressively assessing acquisition opportunities in the Australian and international medicinal cannabis sector.

In January, MGC received approval in Europe for its cannabidiol based dermatological products for the relief of acne, psoriasis and seborrhoea skin conditions.

The development of a dermatologically tested cannabidiol skin care range is a key priority for MGC, given the significant commercial opportunity that such products represent globally.

In 2016, the company signed a distribution deal in California, U.S. for over 60,000 units of cannabidiol-based anti-aging cosmetics products with a contract value of about €1.2 million.

Carrying through a capital raise of $10 million is a substantial validation of the enormous potential of medical cannabis globally and MGC’s potential in this rapidly growing industry.

The company’s share price has increased by more than 80% since the start of 2017, last trading at $0.079.

The development of a dermatologically tested cannabidiol skin care product range is a key priority for MGC, given the significant commercial opportunity that such products represents globally.

The company is moving to clinical tests on human volunteers in January 2017 that will take place at a Slovenian dermatology clinic to determine the efficacy of its product range.

This is a three-month clinical trial on human volunteers across its 3 cannabidiol based dermatological products to investigate their efficacy for the symptoms of psoriasis, acne and seborrhoea conditions.

The development of a dermatological skin care products range complements the company’s existing cannabidiol based cosmetics product range, under its recently rebranded MGC Derma brand.

Last month, the company signed a distribution agreement for cosmetics products worth $500,000 in gross sales per annum with a Czech company.

This represents the commencement of MGC’s second revenue stream, complementing its first exclusive distribution deal in California, U.S.

The first year orders under the U.S. agreement is for over 60,000 units of cannabidiol-based anti-aging cosmetics products with a contract value of about €1.2 million.

]]>Mon, 09 Jan 2017 12:00:00 +1100https://www.proactiveinvestors.com.au/companies/news/171294/mgc-pharmaceuticals-secures-european-approval-for-derma-products-171294.htmlhttps://www.proactiveinvestors.com.au/companies/news/169872/mgc-pharmaceuticals-wins-czech-order-for-cannabidiol-based-cosmetics-169872.html
The order is from Czech Medical Herbs (CMH), the exclusive distributor for MGC Derma products in Czech Republic and a specialist company in the field of cannabis for medical uses.

MGC’s agreement with CMH is for the distribution of MGC Derma cosmetics products to over 80 retail outlets in the Czech Republic.

The company will receive about $65,000 in revenue for its first order from CMH, part of the entire distribution agreement worth $500,000 in gross sales per annum.

This represents the commencement of MGC’s second revenue stream, complementing its first exclusive distribution deal in California, U.S.

The first year orders under the U.S. agreement is for over 60,000 units of cannabidiol-based anti-aging cosmetics products with a contract value of about €1.2 million.

Furthermore, MGC is materially advanced on new distribution agreements throughout Europe and North America.

The company is currently finalising its full range of up to 50 cosmetics products, which is expected to be available to consumers in Q1 2017.

MGC’s share price has increased 17.5% since September, last trading at $0.047.

The company is fully funded to execute its growth objectives with a strong cash position of $6.2 million as at 30 September 2016.
]]>Fri, 02 Dec 2016 15:00:00 +1100https://www.proactiveinvestors.com.au/companies/news/169872/mgc-pharmaceuticals-wins-czech-order-for-cannabidiol-based-cosmetics-169872.htmlhttps://www.proactiveinvestors.com.au/companies/news/168577/mgc-pharmaceuticals-registering-dermatological-products-in-europe-168577.html
MGC’s products are used for symptoms of acne, psoriasis and seborrhoea.

The registration in Europe follows the recent completion of the required safety assessments, including microbiology tests and skin patch tests on human volunteers.

The completion of the required safety assessments allows the company to progress to CPNP approval as a dermatological tested cosmetic product label in the European Union.

MGC is in the final phase of creating cannabidiol based dermatological products that have the potential to provide relief for a variety of skin conditions including acne, psoriasis and seborrhoea.

The skin patch test was conducted on 30 volunteers and was used to determine if MGC’s formulation caused any form of inflammation to a volunteer’s skin.

The tests demonstrated no adverse dermatological symptoms in the volunteer’s skin.

MGC is now progressing immediately to clinical tests on human volunteers to determine the efficacy of its products.

The company will shortly commence a three-month test on human volunteers across its three cannabidiol based dermatological products.

This is to investigate the efficacy of the company’s formulations for the relief of psoriasis, acne and sebhorrhoea skin conditions.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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MGC Pharmaceuticals Ltd's (ASX:MXC) shares are currently in pre-open, following the ASX granting the company a trading halt.

The company requested the halt pending a material announcement in relation to its application for FDA approval of its MGC Derma cosmetic products in the USA, and a new material distribution agreement for MGC Derma cosmetics.

The halt will remain in place until the opening of trade on Wednesday 25th May 2016, or earlier if an announcement is made to the market.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>Mon, 23 May 2016 12:00:00 +1000https://www.proactiveinvestors.com.au/companies/news/138856/mgc-pharmaceuticals-ltd-in-asx-trading-halt-68758.htmlhttps://www.proactiveinvestors.com.au/companies/news/138855/mgc-pharmaceuticals-ltd-gains-green-light-for-czech-republic-medical-cannabis-deal-68526.html
MGC Pharmaceuticals Ltd (ASX: MXC) has relisted on the Australian Securities Exchange and will move ahead with a $5 million planned capital raising after the ASX confirmed that MGC’s acquisition of a European medical cannabis company does not constitute a change of nature or scale under Chapter 11 listing rules.

The funds will be used to expand MGC’s European operations and to acquire Panax Pharma s.r.o., a Czech-based company holding a medical cannabis breeding license with access to growing space in the Vukoz Research Institute of the Czech Ministry of the Environment.

Under the agreement, MGC Pharma will be issued 25% equity in Panax upfront, and a further 55% for funding the next year’s operational costs, up to a maximum of €700,000 to acquire total 80% equity of Panax.

MGC will also have an option to acquire the final 20% equity in Panax by issuing €800,000 worth of MGC shares.

The transaction is subject to completion of due diligence by both parties.

The company will be required to provide ASX with legal opinions from reputable lawyers from the Czech Republic regarding the legality of the business being conducted by Panax.

The acquisition will enhance MGC’s production capabilities, enabling it to grow medical grade cannabis on continuous cycles for its clinical trials and for use in MGC derma cosmetic products.

The Vukoz Institute research facility includes laboratories and an in door growing facility.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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MGC Pharmaceuticals Ltd (ASX:MXC) has been granted a trading halt by the ASX pending details of the potential acquisition of a licenced medicinal cannabis growing and genetics research company in Europe.

The halt will remain in place until the opening of trade on Wednesday 27th April 2016, or earlier if an announcement is made to the market.

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>Fri, 22 Apr 2016 15:30:00 +1000https://www.proactiveinvestors.com.au/companies/news/138853/mgc-pharmaceuticals-ltd-looks-to-europe-for-acquisition-68243.htmlhttps://www.proactiveinvestors.com.au/companies/news/138852/erin-resources-in-asx-trading-halt-65397.html
Erin Resources (ASX:ERI) has been granted a trading halt by the ASX, with its shares placed in pre-open.

Erin requested the halt pending a collaboration with the University of Sydney.

The halt will remain in place until the opening of trade on Thursday 5th November 2015, or earlier if an announcement is made to the market.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

This is the first wholesale cannabinoids (CBD) supply contract signed by an ASX-related cannabis or hemp company.

Under the agreement, MGC will supply at least 300 kilograms of CBD resin per year for a four year minimum term.

The contract could be worth up to 40 million euros (A$58.9 million) and immediately accelerates the commercialisation timetable and initial revenue streams.

MGC plans to supply CBD resin extract from its growing operation to be established in Slovenia, pursuant to recent license approvals.

Natura produces a line of CBD cosmetic and medical products and intends to further extend its product range and supply into international markets.

MGC will shortly commence its initial work programs with Natura to develop the formulas for use in the cosmetics, food supplements and medical devices in development under the joint venture announced on 16th June 2015, and is currently sourcing the CBD to use in this testing phase in Q3 CY2015.

Until MGC’s CBD resin is available from its Slovenian operations in commercial volumes during 2016, Natura and MGC will source the CBD resin extract from external sources.

In May, Erin secured an exclusive option to acquire MGC for 100 million ERI shares and 200 million performance shares.

MGC’s strain of Cannabis Sativa is capable of higher yields of cannabidiol (CBD) from smaller crops with a very low THC component.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

MGC’s strain of Cannabis Sativa is capable of higher yields of cannabidiol (CBD) from smaller crops with a very low THC component.

This also allows MGC to legally grow and export CBD in many countries and accelerate commercialisation.

Skin care is an initial priority market for MGC, as Sativa based products have superior effectiveness given they can penetrate three layers of skin.

The company expects MGC to deliver significant near-term revenues upon securing a Sativa licence in the European Union (EU) and targeting first production in 2016.

Discussions for a commercial off-take agreement to supply CBD resin to a major European distributor are underway.

The acquisition of MGC Global strategically diversifies and expands the operations of Erin into the significant and fast growing medical cannabis and cosmetics industries.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>Mon, 18 May 2015 16:00:00 +1000https://www.proactiveinvestors.com.au/companies/news/138845/erin-resources-to-acquire-medical-and-cosmetic-cannabis-company-62424.htmlhttps://www.proactiveinvestors.com.au/companies/news/138844/erin-resources-raises-funds-to-advance-senegal-gold-projects-61108.html
Erin Resources (ASX:ERI) has received firm commitments from sophisticated and professional investors to raise up to $322,134.

Proceeds will be used to advance the company’s priority Lingokoto and Maleko gold projects in Senegal.

The company will issue up to 64,426,985 shares priced at $0.005 each.

It will also issue 1 free attaching listed option for every four shares subscribed. These are exercisable at $0.02 on or before 30 June 2015.

In January, Erin noted that exploration at the two projects on completion of new financing arrangements.

A high-impact infill drilling program has been designed for the emerging Lingokoto gold discovery, which comprises a zone of near-surface gold mineralisation.

Step-out drilling is planned to test the system identified at the Maleko gold prospect.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>Fri, 06 Mar 2015 12:30:00 +1100https://www.proactiveinvestors.com.au/companies/news/138844/erin-resources-raises-funds-to-advance-senegal-gold-projects-61108.htmlhttps://www.proactiveinvestors.com.au/companies/news/138843/erin-resources-confirms-emerging-gold-system-at-lingokoto-in-senegal-55970.html
Erin Resources' (ASX:ERI) fresh drilling results have confirmed that its Lingokoto gold project in Senegal is emerging as a substantial gold system, with mineralisation now outlined over a 1 kilometre strike and open to the south-west.

The results have extended the known mineralisation 980 metres to the south-west of the initial intersections that included a near surface result of 6 metres at 51.5g/t gold.

This new drilling intersected zones of up to 18 metres at 1.66g/t gold to end-of-hole, including 12 metres at 2.14g/t, 12 metres at 0.97g/t, 9 metres at 1.19g/t and 9 metres at 1.05g/t.

Another drill line in the southern project area made intercepts of 3 metres at 4.81g/t, 3 metres at 3.51g/t, 3 metres at 2.07g/t and 6 metres at 1.47g/t in several anomalous areas.

Lingokoto is 80% owned by Erin, capitalised at a modest $3.5 million, and importantly, the mineralisation outlined follows the path of the 1.5 kilometre soil anomaly.

The latest assays show that the mineralisation runs in two parallel zones up to 90 metres wide, within 35 metres of surface and mostly in weathered bedrock.

The ongoing aircore drilling program, which is expected to be completed within a fortnight, is the first systematic work to follow-up the initial rotary air blast traverse at Lingokoto.

As well as confirming mineralisation over a significant length and width, the latest results highlight the potential for additional mineralisation to be identified in infill and extensional drilling as well as in freshrock below the weathered material drilled to date.

This fresh rock will be tested as part of a follow-up reverse circulation drilling program.

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]]>Tue, 01 Jul 2014 14:00:00 +1000https://www.proactiveinvestors.com.au/companies/news/138843/erin-resources-confirms-emerging-gold-system-at-lingokoto-in-senegal-55970.htmlhttps://www.proactiveinvestors.com.au/companies/news/138842/erin-resources-to-divulge-gold-results-from-senegal-55927.html
Erin Resources (ASX:ERI) has been granted a trading halt by the ASX, with its shares placed in pre-open.

The company has been conducting air-core drilling at the project covering 6000 metres.

Highlighting the prospectivity, initial drilling in late 2013 returned 6 metres at 51.5g/t gold in near‐surface material.

The halt will remain in place until the opening of trade on Tuesday 2nd July 2014, or earlier if an announcement is made to the market.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>Mon, 30 Jun 2014 11:00:00 +1000https://www.proactiveinvestors.com.au/companies/news/138842/erin-resources-to-divulge-gold-results-from-senegal-55927.htmlhttps://www.proactiveinvestors.com.au/companies/news/138841/erin-resources-doubles-maleko-gold-anomaly-in-senegal-54737.html
Erin Resources (ASX: ERI) has reported that fresh soil sampling results have established the Maleko prospect another promising gold project in Senegal, with the anomaly more than doubling in length to 1.2 kilometres.

Soil sampling also highlighted a second, 2 kilometre long anomaly, just 1.8 kilometres south of Maleko, which will be infill sampled shortly.

Drilling at Maleko last year returned strong results from bedrock, including 7 metres ay at 10.4 g/t gold.

The drilling program was only conducted over a 140 metres strike length, with the best results coming from the most western traverse, where the anomaly remains open.

Erin intends to conduct a second round of drilling at Maleko next quarter, to follow the priority drilling program which is soon to start at the Lingokoto gold project.

Lingokoto is considered highly promising, with the shallow drilling late last year returning results of 6 metres at 51 g/t gold.

Notably, this result was from surface, and included 3 metres at 84.9g/t gold.

The second round of drilling is set to start within days as part of the plan to extend the known bedrock mineralisation in line with the extensive anomaly outlined by soil sampling.

Erin's A4 prospect sits within a corridor of low-order gold anomalism that extends about 15 kilometres through the permit that is coincident with regional-scale north-east trending structures.

The region to the east of the permit is host to several multi-million ounce gold deposits, including Randgold Resources’ giant 12 million ounce Loulo gold mine.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>Tue, 06 May 2014 12:00:00 +1000https://www.proactiveinvestors.com.au/companies/news/138841/erin-resources-doubles-maleko-gold-anomaly-in-senegal-54737.htmlhttps://www.proactiveinvestors.com.au/companies/news/138840/erin-resources-extends-gold-anomalism-to-15-kilometres-at-lingokoto-in-senegal-53877.html
Erin Resources' (ASX: ERI) fresh soil sampling results have highlighted the potential of the A4 prospect within its Lingokoto gold project in Senegal, with a strong surface anomaly now outlined over a 1.5 kilometre strike length.

These results are considered important because this is the anomaly where initial drilling returned 6 metres at a mammoth 51.5 grams per tonne gold in late January.

That drilling program also returned highly anomalous gold intersections over substantial widths in weathered bedrock.

The new soil results align well with trend of the initial Lingokoto soil anomaly and the interpreted strike of the two bedrock gold zones.

There is also a good correlation with regional and local magnetic trends and these features suggest that a bedrock gold system may be present over a significant area.

Erin is now finalising plans for the commencement of a follow-up aircore drilling program across the full extent of the defined soil anomaly, expected to be underway by late April.

Following the success of this second phase soil program, the exploration team is also planning a further soil geochemical grid to test the structural corridor to the north-east of the Lingokoto discovery.

Notably, the initial result of 6 metres at 51.5g/t was from surface, and included 3 metres at 84.9g/t gold.

To put that into perspective, that is the equivalent of around 5 kilograms per tonne silver, and not from rock chips, but from drilling.

The new drilling will also focus on a nearby 11.90g/t gold soil sample so there is promise for multiple high grade assays.

A reverse circulation drilling program would then be required to test fresh rock for primary mineralization below the two anomalous zones.

A4 Prospect

The A4 prospect sits within a corridor of low-order gold anomalism that extends about 15 kilometres through the permit that is coincident with regional-scale north-east trending structures.

The region to the east of the permit is host to several multi-million ounce gold deposits, including Randgold Resources’ giant 12 million ounce Loulo gold mine.

Senegal

Erin holds 640 square kilometres of exploration permits in Senegal and a portfolio of seven strategically located permits.

All the company’s projects lie within the Kedougou Inlier that extends over eastern Senegal and along the country’s western border with Mali.

About 30 million ounces of gold has been discovered in Senegal over the last 10 years and the Kedougou inlier alone hosts over 45 million ounces of known gold resources.

Analysis

It is still early days at Erin Resources’ Lingokoto project, but the intersection of bonanza gold grades - 6 metres at 51.5g/t gold and a nearby and a nearby 11.9 g/t gold soil sample – is an indication of its potential.

There are exciting days ahead as Erin gears up for further drilling; aircore drilling does not extend to great depths, but given the 51.5g/t hit was from surface, it may not need to.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>Tue, 25 Mar 2014 11:20:00 +1100https://www.proactiveinvestors.com.au/companies/news/138840/erin-resources-extends-gold-anomalism-to-15-kilometres-at-lingokoto-in-senegal-53877.htmlhttps://www.proactiveinvestors.com.au/companies/news/138839/erin-resources-raising-1m-in-underwritten-rights-for-senegal-gold-exploration-53645.html
Erin Resources (ASX: ERI) is raising just over $1 million to fund its priority exploration programs in Senegal where it has recently made a 6 metre grading 51.5 grams per tonne gold discovery at the Lingokoto Project.

This was part of a first pass rotary air blast testing of the emerging “A4” soil anomaly in the southern part of Lingokoto that defined two distinct anomalous gold zones in consecutive drill holes of 60 metres and 140 metres.

Lingokoto is located in a strongly mineralised district but has received only partial geochemical coverage by previous explorers, with no historical drilling activity.

The region to the east of the permit is host to several >1 million ounce gold deposits, including Randgold Limited’s (LON: RRS) Loulo goldmine (>12Moz gold) which sits 24 kilometres to the east.

Erin is raising the funds through a fully underwritten pro-rata two for three non-renounceable rights issue to existing shareholders priced at $0.01 each.

This includes one free attached option exercisable at $0.02 each on or before 30 June 2015 for every four shares issued.

The offer is underwritten by Argonaut Securities.

Lingokoto’s A4 discovery is the highest priority target with further geochemical work and follow up drilling required to explore the strike extensions to the A4 discovery.

A soil geochemistry program is underway that will be necessary to assist with drill targeting in the new extension area.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

]]>Thu, 13 Mar 2014 10:40:00 +1100https://www.proactiveinvestors.com.au/companies/news/138839/erin-resources-raising-1m-in-underwritten-rights-for-senegal-gold-exploration-53645.htmlhttps://www.proactiveinvestors.com.au/companies/news/138838/erin-resources-gets-busy-at-lingokoto-project-in-senegal-after-515gt-gold-hit-53249.html
Erin Resources (ASX: ERI) is carrying out field work to follow up on the discovery of gold from initial rotary air blast drilling at its Lingokoto project in Senegal.

Which should prove interesting given that initial RAB drilling in January 2014 intersected 6 metres at a whopping 51.5g/t gold in near-surface material at the the A4 Prospect.

It also comprised 3 metres at 84.9g/t gold. The new drilling will also focus on a nearby 11.90g/t gold soil sample so there is promise.

The new program is designed to extend the soil anomaly and will be followed immediately by further rotary air blast step out and reverse circulation drilling.

Soil sampling and regolith mapping program are now underway and once the results are available, the company plans to immediately recommence RAB drilling to define the strike extents of the A4 anomaly to the south-west and north-east.

The next RAB drilling program will focus on:

- Infill drill the area around the 6 metre at 51.5g/t Au drill result, and a nearby 11.90g/t soil sample;- Track the two wide zones of bedrock gold anomalism via extensional drill traverses across the soil anomaly and structural corridor; and- Provide additional information on the bedrock geology in the prospect area.

A reverse circulation drilling program would then be required to test fresh rock for primary mineralization below the two anomalous zones.

A4 Prospect

The A4 prospect sits within a corridor of low-order gold anomalism that extends about 15 kilometres through the permit that is coincident with regional-scale north-east trending structures.

Several other anomalous spot results on this corridor have yet to be followed up by closer-spaced soil sampling and will also be investigated in the current program.

The region to the east of the permit is host to several >1 million ounce gold deposits, including Randgold Resources’ Loulo goldmine (>12Moz gold) which sits 24 kilometres east of the A4 anomaly.

The initial rotary air blast drilling that intersected gold sits within one of two zones of bedrock gold anomalism identified in this single drill traverse, being a 60m and 140m wide zone.

The bedrock gold zones correspond well to the centre of a robust gold soil anomaly extending over 500 metres that remains open to the southwest.

Senegal

Erin holds 640 square kilometres of exploration permits in Senegal and a portfolio of seven strategically located permits.

All the company’s projects lie within the Kedougou Inlier that extends over eastern Senegal and along the country’s western border with Mali.

About 30Moz of gold has been discovered in Senegal over the last 10 years and the Kedougou inlier hosts over 45Moz of gold in resources. This inlier forms a part of the Birimian shield, which covers most of West Africa and hosts over 280Moz of gold.

Analysis

It is still early days at Erin Resources’ Lingokoto project, but the intersection of bonanza gold grades - 6 metres at 51.5g/t gold and a nearby and a nearby 11.9 g/t gold soil sample – is an indication of its potential.

Geologically, the A4 prospect sits within a corridor of low-order gold anomalism that extends about 15 kilometres through the permit that is coincident with regional-scale north-east trending structures.

The region to the east of the permit is host to several >1moz gold deposits, including Randgold Resources’ Loulo goldmine (>12M oz gold) which sits 24 kilometres east of the A4 anomaly.

There are exciting days ahead as the company carries out its field work and begins drilling.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Whilst Lingokoto lies in a strongly mineralised district, it has received only partial geochemical coverage by previous explorers, with no historical drilling activity.

Within this, the A4 prospect sits in a corridor of anomalism that extends about 15 kilometres through the Lingokoto permit.

A number of other anomalous results in this corridor, which itself is coincident with regional-scale trending structures, are yet to be defined by close-spaced soil sampling.

These are early results but the very high grade and proximity to surface raises the possibility of a significant primarysource nearby.

With further soil sampling and reverse circulation drilling in the wings, Erin's market valuation of around $2 million has room to move further in the near term.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Erin holds majority joint venture interest in a slew of 7 projects in the Kedougou Inlier in Senegal. The region is said to hold gold deposit that are one of the highest in Western African gold province.

The Inlier is also host to many multi-million ounce gold deposits as well as a number of significant undeveloped gold resources.

The latest work program confirms the relationship between the gold anomolies defined on the Erin tenements and regional tectonic lineaments that corelates to major gold deposits.

The latest study was part of Erin's work plan to commence its 2012-13 field season and reviewed the structural and geological setting in the region surrounding the Erin projects.

It confirmed the presence of favorable structural settings with evidence of major hydrothermal gold mineralisation systems within the Bouroubourou, Woye and Wassadou South projects.

Other major gold deposits including Massawa, Tombo, Gora and Patowal have been developed close to Erin's tenements.

The company has identified a target for immediate evaluation through a widely spaced RAB drilling, which encountered gold mineralisation anomaly over a 160 m wide zone.

Analysis of Lingokoto and Garaboureya South project also showed a 10 km wide structural corridor that has second order faults.

The 12 million ounce Loulo project, Gounkoto deposit with 6 million ounce and the 3.1 million ounce Fekola deposits are in the same corridor.

Further exploration work is slated for later this month.

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]]>Thu, 01 Nov 2012 12:20:00 +1100https://www.proactiveinvestors.com.au/companies/news/138836/erin-resources-scores-on-african-jaunt-35277.htmlhttps://www.proactiveinvestors.com.au/companies/news/138835/erin-resources-to-relist-on-asx-on-friday-readies-west-african-gold-hunt-33879.html
Erin Resources (ASX: ERI) will be re-instated to the ASX on Friday 28 September 2012, following the company’s compliance with listing rule 11.1.3 and chapters 1 and 2 of the ASX Listing Rules.

Erin, (previously Health Corporation Limited), recently completed the acquisition of 100% of Erin Mineral Resources Limited which holds various interests in seven prospective gold assets located in the Republic of Senegal.

Some of the licenses are positioned near multi-million ounce mines, including the 12 million ounce Loulo, the 3 million ounce Gounkoto and the 3.5 million ounce Sabodala.

Importantly Erin is now well funded, after completing a capital raising.

Drilling programs

At the Woye tenement, the planned soil sampling and rotary air blast and reverse drilling is aimed to follow-up first order anomalies and has been designed to target two styles of gold mineralisation that are known to occur in the area.

This include gold mineralisation associated with regional structure-parallel shearing, hydrothermal alteration and quartz veined systems. These can be found in parallel or sub parallel gold bearing quartz vein systems which occupy narrow shear zones or lie within brittle fractures systems.

Erin will also target broader sheared and alteration zones with silicified, carbonate altered and mineralised felsic dyke systems. Regionally, the felsic dykes are commonly found near or within known deposits such as Teranga’s Sabodala deposit and Randgold’s Massawa deposit.

At the Bouroubourou tenement, infill soil sampling on two areas defined by the regional soil sampling program was undertaken in late 2011/early 2012. A 4,000 metre rotary air blast program commenced in June 2012.

Erin is drill-testing another complex structural trend that is interpreted to be along strike from Teranga’s Gora deposit.

The company believe that the previous good soil geochemistry gold anomalies in this area, located within a strong north-east structural trend, could further be associated with the contact of a granodiorite intrusive and a granitic body. This structural setting is interpreted to be highly favourable for gold deposition.

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